Adrian was renting an apartment for four years in Boston when he finally decided it was time to purchase. "Being a busy professional, I wanted a condo in a building with full amenities (e.g. concierge, gym, rooftop, and pet friendly)," said Adrian. Below, he describes his unique condo-buying journey and advice he'd give to fellow homebuyers.
1. Technology is Key
"Technology makes searching so easy. I used Zillow and public records (i.e. Register of Deeds, City of Boston Development website) to understand market price and how much condos were closing. Lots of Buildings even offer virtual tours so you can see the unit without making an appointment.
I only looked at one condo building. I had a great relationship with my apartment's management company. They found out I was on the market for a condo and offered me a Rent to Own agreement on a new condo building they were also managing. I visited the condo building, checked out 5 units, and fell in love with one of them!"
"After living in the unit I was renting for 7 months, I decided I wanted to move forward with purchasing it. I had already spoken to three lenders and was pre-approved when I saw an Own Up ad pop up on my Facebook. I took the leap of faith and set up time to talk to Mike." It ended up paying off. Adrian saved roughly $17,000 by getting his mortgage through Own Up.
3. Use Your Connections
"I did not use an agent and did not use the Condo sales team – it was a private sale. I used my connections to get into my unit through the “back door.”
4. Do Your Research
"Do your research before you speak to a lender or agent – there’s so many tools out there. It’s important you know what you can afford, pros and cons of different neighborhoods, and market trends so you are informed from the start. Also, talk to as many different people to understand their experience and lessons learned."
5. Find an Advocate
"When you are buying a house, sometimes you are just happy to get approved for a loan! And I did not want to apply for more than one loan because I was worried about my credit score going down because of multiple credit inquiries. Luckily, Own Up offers a soft credit pull so it does not impact your credit score to use their services.
Through Own Up, I really learned a lot about picking the right loan product based on your short and long-term goals. I learned the difference between fixed, ARM, and HELOC, so I could make the right decision. Also, because I did not have an agent, I relied on Mike to be my advisor and advocate throughout the loan process. He was accessible until I closed."
"My home purchase situation was unique – I was purchasing the condo I was renting by exercising the Rent to Own Agreement, which gave me rental and closing credit. It sounded easy but wasn’t straightforward at all when it was time to execute. I had to switch lenders and change loan products to make the credit work. Mike was the one that helped me navigate through this. I don’t think this closing would have happened if Mike was not there to support and advocate for me."
Ready to start your own homebuyer journey? We'd love to help!